A resolve to work together in a spirit of mutual respect and dignity, despite the acknowledged provincial differences amongst Gold Circle’s shareholders, is the message that emerged from the most recent meeting of the new Board of Gold Circle held at Greyville Racecourse on Thursday, 17 February 2011.
“Plotting the immediate way forward for Gold Circle is a priority for the Board and in that regard we will pursue every avenue including engaging with our partners Phumelela. The focus of our discussions with Phumelela will be to optimise business opportunities and rationalisation strategies for the benefit of both Companies,” said Gold Circle’s Chairman Robért Mauvis.
Gold Circle’s six-month figures to 31 January 2011 reveal positive bottom-line trading results and an improved and manageable cash flow position as compared with the corresponding period last year.
The Board acknowledges though that much has to be done to build on this platform and going forward all options will be fully considered. “Our objective is to move swiftly and a delegation from both regions of Gold Circle will be meeting with senior Phumelela executives within the next fortnight. At the same time, the relationship between KwaZulu-Natal and the Western Cape will come under the microscope with a view to ensuring the best possible outcome for all of Gold Circle’s stakeholders, the sport of horseracing and the Company itself”, added Mauvis.
At the meeting on Thursday Robert Bloomberg was appointed co-Vice Chairman of Gold Circle along with Neil Butcher and the Audit Committee was confirmed as Messrs Butcher, Steve Sturlese and Vidrik Thurling. Messrs Moga Pillay and Tony Rivalland will form the Remuneration Committee of the Company. In accordance with the Company’s Articles, Messrs Graeme Hawkins (Chief Operating Officer/Racing Director) and Patrick Loker (Commercial Director) were reappointed to the Board as Executive Directors for a further term of office.
The position of the Financial Director is currently being finalised. It is the firm intention of the Board of Gold Circle to remain closely in touch with the membership and stakeholders of Gold Circle and a Special General Meeting is being planned for early April in order for the Board to provide feedback and to re-affirm its mandate to proceed with the strategy best suited for racing in both regions in the future. A formal notice in this regard will be issued in due course.